By Lara Schneider-Bomzer So you’ve been doing your estate planning homework. You’ve learned that perhaps you should have a trust in addition to a Will. But then you hear that there are different types of trusts! In this blog post I’ll help you understand the difference between the two main…
By Lara Schneider-Bomzer Purchasing annuities is a good way for married couples to protect assets, but doing it wrong could mean huge penalties. Here is what you need to know about annuities as it relates to Medicaid planning in Connecticut: If your spouse is residing in a nursing home or…
If a loved one has named you as their POA (Power of Attorney), you now have written permission to help manage that loved one’s financial decisions during his or her lifetime. It’s a powerful document. It puts complete trust and authority in you to handle the financial matters of the…
(Note: this post has been updated due to potential IRS changes) Do you know about the new changes that could affect your retirement accounts? Some are positive, others may require you to make some new planning decisions. Either way, the goal of this new legislation is to improve retirement security…
When you die, someone is going to benefit from the use of your car. Wouldn’t it be nice to decide now exactly who that person should be? You can do that today – it’s easy! When registering a vehicle, you can designate a transfer-on-death (TOD) beneficiary, not unlike what you…
If you’re confused, or unfamiliar with trusts as part of an estate plan, you’re not alone! Some people need to have a trust, others do not. Then there’s the probate process. Does having a trust impact the probate process? Should you have a trust to avoid the probate process? To…
When you are putting your estate plan together, one of the advance directives you will want to create is a Designation of Conservator. It is probably something you haven’t thought about, or maybe even knew it existed! But it is really important. What is this Designation of Conservator? …
There are many ways a trustee of a special needs trust could cause harm to a beneficiary, however unintentionally. This is why many people choose to have a disability planning attorney take on this critical role. Here are 10 things to consider when deciding who should administer a special needs…
Do you have to pay tax on all gifts that you give? For the majority of Americans, the answer is a resounding NO! So, we all know that the federal government imposes a gift tax, but did you know that only Connecticut imposes a gift tax? Luckily, if you understand how the…
When you create a revocable trust, also known as a living trust, one major benefit is probate avoidance, meaning assets in your revocable trust can be distributed to your beneficiaries without going through probate. But, this begs a question we are often asked: What assets belong in a trust? Assets…